New Record Keeper Fees

April 23, 2016

After completion of a formal Request For Proposal (RFP) process, the Public Employees Retirement Board (PERB) has awarded the contract for record-keeping services to Ameritas Life Insurance Corporation. The new five-year contract will go into effect October 1, 2016, and encompasses record-keeping services for Defined Contribution, Cash Balance, Deferred Compensation (DCP), and Patrol DROP participants.

Under the terms of the contract, the new monthly record-keeping fees for Defined Contribution participants will be $2.30. For Cash Balance members the fee will be $2.05, and DCP/DROP participants will pay a fee of $1.95.

In addition to the monthly record-keeping fees, charges are assessed when a member takes a distribution from their account. Full (final) distributions of account balances greater than $100 will be charged $75 and partial distributions or systematic withdrawals will be charged $5 per distribution.

Ameritas will also charge a quarterly fee of $0.50 for delivery of statements or documents mailed to plan participants. Members can avoid this mailing fee by signing up for electronic distribution of correspondence.